‘Steady as she goes’ as Hong Kong bids farewell to deficits

Hong Kong's Financial Secretary Paul Chan delivered a budget speech focused on diversifying growth and boosting innovation. The city raised its economic growth forecast to between 2.5 per cent and 3.5 per cent for this year. As a result, Hong Kong is expected to end deficits ahead of schedule, with a consolidated surplus of HK$2.9 billion predicted for the financial year ending next month. This improvement is attributed to economic growth and stronger stock trading. The government initially predicted an expansion of 2 per cent, but the revised forecast reflects the city's efforts to diversify its economy. Hong Kong aims to achieve this milestone through targeted initiatives aimed at promoting innovation and growth.